It really wasn't, Stu. No private investor would have touched such terms, which actually shows how soft/lenient the offer from the council was. Even now I'm not sure how it wasn't defined as illegal state aid.Anyway you cut it, £1.3m pa was extortionate.
In any case, that level of rent wasn't dreamed up. It was set at that level to cover the £31m the council had to put up, including the bank's interest charges over the 50 years, allowance for bad debt, and so on.
Unless you think that the council should have given CCFC the £31m, or any fraction of that, as a free gift with no strings attached, I do not see how anyone could find this unreasonable.